Adam operates a factory that produces beach towels. His current level of output equals 1000 towels per week. His weekly variable cost equals $4000. If the total cost each week equals $4500, what is the average total cost of production per towel? $2 $4 $4.50 $8

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Cost of Production

In economic theory, production costs are the costs incurred by an industrial organization when it engineers a project or provides a service that generates revenue and benefits. Labor costs, raw materials, consumable manufacturing costs, and general overhead sum up, accounting for production costs. Total cost data is calculated by combining total direct costs of materials, labor costs, and total production costs.